National Rural Utilities CFC (NRUC) prices $2.0M MTNs at 4.07% due Nov 15, 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a medium-term note offering of $2,000,000.00 under a Pricing Supplement dated May 12, 2026. The notes carry an interest rate of 4.07% per annum, are issued at 100% of principal, have an original issue date of May 15, 2026 and mature on November 15, 2027.

The pricing supplement references the base prospectus dated October 24, 2023 and prospectus supplement dated October 27, 2023. Interest is payable each January 15 and July 15 with record dates January 1 and July 1. The agents commission and redemption date are stated as None.

Insights

Fixed‑Income Structuring Analyst

$2.0M fixed‑rate note issued at 4.07% to mature Nov 15, 2027.

The offering is a small, short‑dated medium‑term note issued at par ($2,000,000.00 at 100%) with a fixed coupon of 4.07% and a 11/15/2027 maturity. Payment mechanics are standard: semiannual interest payments on Jan 15 and Jul 15, record dates on Jan 1 and Jul 1.

Cash‑flow treatment and investors are the typical noteholders under the indenture; documentation includes a Pricing Supplement and relies on the base prospectus dated 10/24/2023. The filing records no agents commission and no optional redemption date in this pricing supplement.

Securities Counsel (Offerings)

Counsel opines the notes will be valid obligations subject to standard legal exceptions.

The opinion of Hogan Lovells US LLP states validity is conditioned on receipt of consideration and proper execution/authentication under the indenture and distribution agreement. It preserves standard insolvency, fraudulent transfer and equitable‑remedy exceptions and cites District of Columbia and New York law.

Investors and underwriters should note the opinion’s customary qualifiers; governing law references are limited to the District of Columbia General Cooperative Association Act of 2010 and New York law as stated.

Key Figures

Principal Amount: $2,000,000.00 Issue Price: 100% of Principal Amount Interest Rate: 4.07% per annum +5 more

8 metrics

Principal Amount $2,000,000.00 Principal amount of the notes

Issue Price 100% of Principal Amount Notes issued at par

Interest Rate 4.07% per annum Fixed coupon stated in pricing supplement

Original Issue Date May 15, 2026 Original issue date of the notes

Maturity Date November 15, 2027 Maturity date of the notes

Interest Payment Dates Each January 15 and July 15 Semiannual interest payment schedule

Pricing Supplement Date May 12, 2026 Pricing supplement effective date

Prospectus Dates Prospectus Supplement 10/27/2023; Base Prospectus 10/24/2023 Governing prospectus documents cited

Key Terms

Medium‑Term Notes, Pricing Supplement, Indenture, Agents Commission

4 terms

Medium‑Term Notes financial

"Medium-Term Notes, Series D Due Nine Months or More from Date"

Pricing Supplement regulatory

"Pricing Supplement No. | 10569 Pricing Supplement Date | May 12, 2026"

A pricing supplement is a short, final document that gives the exact terms of a new securities offering—such as the price, interest rate, size and settlement date—building on the broader prospectus. Think of it as the day’s receipt that turns a general menu into the specific order; investors use it to see the concrete deal terms that determine value, yield and whether to buy.

Indenture legal

"issuance and delivery of the notes pursuant to the terms of the indenture"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

Agents Commission financial

"Agents Commission | None"

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Rule 424 (b) (3)

Registration No.: 333-275151

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Medium-Term Notes, Series D

Due Nine Months or More from Date of Issue

Trade Date			May 12, 2026
Pricing Supplement No.			10569
Pricing Supplement Date			May 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			May 15, 2026
Maturity Date			November 15, 2027
Interest Rate			4.07% per annum
Regular Record Dates			Each January 1 and July 1
Interest Payment Dates			Each January 15 and July 15
Redemption Date			None
Agents Commission			None
Form of Note: (Book-Entry or Certificated)			Certificated
Other Terms			None
Medium-Term Notes, Series D may be issued by the Company in an unlimited aggregate principal amount.

Validity of the Medium-Term Note

In the opinion of Hogan Lovells US LLP, as counsel to the Company, following (i) receipt by the Company of the consideration for the notes specified in applicable resolutions of the board of directors of the Company and (ii) the due execution, authentication, issuance and delivery of the notes pursuant to the terms of the indenture and the applicable underwriting, agency or distribution agreement against payment therefor, the notes offered by this pricing supplement will constitute valid and binding obligations of the Company, subject to the effect of (a) bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting creditors’ rights and remedies (including, without limitation, the effect of statutory and other law regarding fraudulent conveyances and fraudulent, preferential or voidable transfers), and (b) the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing, reasonableness, conscionability and materiality (regardless of whether the applicable agreements are considered in a proceeding in equity or at law), including, without limitation, principles limiting the availability of specific performance and injunctive relief.

This opinion is based as to matters of law solely on applicable provisions of the following, as currently in effect: (i) the District of Columbia General Cooperative Association Act of 2010 and (ii) the laws of the State of New York (but not including any laws, statutes, ordinances, administrative decisions, rules or regulations of any political subdivision below the state level). In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and its authentication of the notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated October 27, 2023, which has been filed as an exhibit to a Current Report on Form 8-K by the Company on October 27, 2023.

FAQ

What did NRUC (NRUC) price in this 424B3 filing?

NRUC priced $2,000,000.00 of medium‑term notes at 100% of principal. The notes carry a 4.07% per annum fixed interest rate and an original issue date of May 15, 2026.

When do the NRUC notes pay interest and when do they mature?

Interest is payable semiannually on January 15 and July 15, with record dates of January 1 and July 1. The notes mature on November 15, 2027.

What fees or redemption features are disclosed for the NRUC notes?

The pricing supplement specifies Agents Commission: None and lists Redemption Date: None. No optional redemption feature or underwriting commission is shown in this excerpt.

What legal opinion accompanies the offering for NRUC?

Hogan Lovells US LLP provided an opinion that the notes will be valid obligations, conditioned on receipt of consideration and proper issuance, subject to standard insolvency and equitable exceptions.

Which prospectus accompanies the Pricing Supplement for these NRUC notes?

The Pricing Supplement references the base prospectus dated October 24, 2023 and the prospectus supplement dated October 27, 2023, which govern the offering terms cited in this filing.